Philip Shearer, a group president of The Estée Lauder Cos., has resigned, effective immediately, after six years with the company.
His departure follows the announcement early this month of a major succession plan in the top management of the prestige beauty leader. Fabrizio Freda, currently president of the global snacks division of Procter & Gamble, will join Lauder in March as the new chief operating officer and president, with the expectation of stepping up to chief executive officer within 24 months.
As part of this realignment, Freda will take responsibility for the Clinique division, which Shearer has been overseeing. Under the plan, Shearer would have gained oversight of strategic planning while retaining responsibility for Aveda, Origins, Bumble & bumble, Ojon, corporate online and new business development.
William P. Lauder, Lauder's president and chief operating officer, praised Shearer efforts in a statement Friday, saying, "Philip has done a wonderful job over the past six years. He has been a strong contributor to our company's leadership."?
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